Trader.Online Review 2020

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Contents

Plus500 Review and Tutorial 2020

A trader with a Plus500 account can trade CFDs on underlying financial instruments such as Forex, Stocks, Commodities, Cryptocurrency, Options and Indices. With tight spreads and no commission, they are a leading global brand.

Traders in Russia welcome
Plus500 Facts & Figures
Awards
• Best Overall Broker 2020 – DayTrading.com
• Best Overall Broker 2020 – DayTrading.com
• Best Trading App 2020 – DayTrading.com

Plus500 Offer forex trading via CFDs with tight variable spreads and a range of well over 70 currency pairs. Free Unlimited Demo Account.

Plus500 accounts can trade CFDs on a range of cryptocurrencies 24/7, with competitive spreads (Just 1% for BTC). Leverage of 1:2 is also available.

Instruments CFD, Forex, Crypto, Stocks, Options
Demo Account Yes
Min. Deposit $100
Min. Trade Varies by asset
Regulated By FCA, CySec, ASIC
MT4 Integration No
Mobile Apps iOS, Android and Windows
Auto Trading No
Trade Signals No
Islamic Account No
CFD
FTSE Spread Variable
GBPUSD Spread Variable
Oil Spread Variable
Stocks Spread Variable
Forex
GBPUSD Spread Variable
EURUSD Spread Variable
EURGBP Spread Variable
Assets 70+
Cryptocurrency
Spread BTC 1%, ETH 1.6%
Coins BCH, BTC, ETH, LTC, XRP, IOTA, NEO, EOS, XMR

Our Plus500 review includes everything from the Webtrader online trading platform, to the mobile app and fees. Whether you are looking to login and trade Bitcoin, ripple or Oil, or you just need details on the demo account and minimum deposit, we cover everything in this detailed review.

Plus500 is a leading online Contract for Difference (CFDs) trading platform that is owned by a holding company called Plus500 Ltd. The company is listed on the Main Market of the London Stock Exchange (LON:PLUS). Operating through 3 different subsidiaries:

  • Plus500UK Ltd,
  • Plus500CY Ltd
  • Plus500AU Pty Ltd.

Making the brand synonymous with reliability and safety.

This is largely due to the fact that Plus500 (or subsidiaries) are regulated in several different jurisdictions around the world. In addition to being regulated around the world, Plus500 is also an active sponsor of professional Soccer and Rugby teams. The firm have been the official sponsor of Club Atletico de Madrid since 2020.

Traders can earn a first deposit bonus on their initial deposit, up to a maximum of $10,000. Additional leverage of up to 1:300 is also available.

Regulation & Reputation

Since its inception in 2008, Plus500 has earned a reputation among traders in the online community as being reliable and trusted. Plus500 Ltd is listed on the Main Market of the London Stock Exchange, which also helps to bolster the broker’s reputation as being financially stable. In terms of regulatory oversight, Plus500 subsidiaries are regulated by several regulatory agencies:

  • Plus500UK Ltd is authorised and regulated by the Financial Conduct Authority (FRN 509909).
  • Plus500CY Ltd is authorised and regulated by the Cyprus Securities and Exchange Commission (Licence No. 250/14).
  • Plus500AU Pty Ltd, ACN 153 301 681, AFSL # 417727, issued by the Australian Securities and Investments Commission is authorised to issue these products to Australian residents.
  • Derivatives issuer licence in New Zealand, FSP #. 486026 authorises them to issue these products to New Zealand residents.
  • Plus500AU Pty Ltd, is also an authorised Financial Services Provider in South Africa, FSP 47546.

With subsidiaries as regulated entities under the UK’s FCA, ASIC in Australia and CySEC, Plus500 is able to work with traders from Australia, Europe and the UK. Clients can therefore take advantage of the benefits of being protected under the Financial Services Compensation Scheme (FSCS) and Investors Compensation Scheme. For full details of the protection these schemes offer, visit the website.

Trading Platforms

Although Plus500 uses a proprietary trading platform, the trading platform (Webtrader) is able to cater to the different needs of the broker’s international clientele base, as it is available across several different versions.

There is a desktop version of the trading platform which traders can download and install onto their computers. Retail and professional accounts operate on the same platform. This creates pros and cons but with advanced research tools next to the ability to execute trades in a user friendly way the platform performs well.

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For those who wish to trade directly from the internet, there is a web-based version of the trading platform which can be accessed with any web browser. There is no integration with MT4 at present.

The key difference between the Webtrader trading platform and the platforms provided by other brokers in the industry is the fact that Plus500 trading platforms work seamlessly with each other.

Mobile Trading

A mobile version of the trading platform is also available to traders who wish to trade the markets using just their smartphones or mobile devices. Provided free of charge, the mobile trading app can be downloaded directly from Google Playstore or Apple App Store.

The mobile app is fully functioning, and offers all the trading options that the web based version does. It is a single click download, and trading via the app is quick and easy. Look and feel between mobile and web based platforms is kept the same, making transition between the two very easy.

Both Android and iOS versions retain all the same low trading fees, spreads and rates etc, and any trading portfolio is retained across all platforms.

Trading Accounts

Plus500 has only provided one type of trading account, a standard trading account. The standard trading account requires a minimum deposit of $100 to open. During the recent system upgrade, the broker has upgraded all their clients’ trading accounts to a Gold account status.

With this recent enhancement, existing account holders will pay lower premium fees. However they will be subjected to a higher minimum trade volume.

Apart from the standard trading account, Plus500 has also provided a free unlimited demo account which potential clients can use to test out the performance of the trading platform and develop a trading strategy.

Compatible Trading App Platforms At Plus500

Although there is only one trading account, there is provision for traders to be classed as “professional” rather than “retail” clients. The benefits are increased leverage (1:300) and fewer restrictions on margin.

The downside however, is that regulatory protection is reduced for ‘Pro’ accounts (negative balance protection for example). Visit the website to apply, or see if you will be eligible for a professional account.

Bonus Offers & Promos

The terms of these bonuses include a requirement to accumulate “TPoints”. These are earned as you trade and once a certain amount have been collected, the awarded bonus can be withdrawn as cash. Assets and investments vary in terms of how many TPoints they accrue, full T&Cs are on the relevant bonus page for your region.

Assets & Instruments

Traders will be pleased to know that there are more than 2000 instruments to choose from using CFDs. These underlying assets include major classes such as currency pairs, cryptocurrencies, commodities, ETFs, options and stocks. Available leverage is as high as 1:300.

Cryptocurrency leverage is capped at 1:2 by the regulator, but assets like Bitcoin, Ripple and Litecoin are all available to trade with tight spreads.

Customer Support

While the support service at Plus500 is available 24/7, it is only available through email or live chat. So although their website is available in 32 different languages, there is no telephone support.

Deposit And Withdrawal

Available payment and withdrawal methods at Plus500 are Credit/Debit Card (Visa or MasterCard), PayPal, Skrill (Moneybookers), or Bank Transfer.

The same methods can be used for making deposits and withdrawals. For withdrawals, the processing time is 3 business days. It should be noted that all withdrawal methods have a minimum amount threshold and you can only withdraw through the method that you used initially for making your deposit.

There are no withdrawal fees, though there are inactivity fees and some positions may be subject to overnight fees.

Is Plus500 Best For Day Trading?

Without a doubt, Plus500 operates with a high standard of efficiency and reliability. Their digital Webtrader trading platform, is proprietary and able to perform the job of executing trades quickly. In addition, there is a wide range of assets for you to choose from to trade with.

As a day trader, it is important that you can execute as many trades as needed within a short time frame. With the huge asset index, you will be able to do just that, without difficulties. In addition, the fact that you can open and close a CFD position at any time during trading hours, means you can review and amend your positions and investing portfolio however you need to.

Plus500 vs eToro

Plus500 versus eToro – Key Features
Broker Minimum Deposit Regulator MT4
Plus500 $100 FCA, CySec, ASIC No
eToro $200 FCA Yes

Plus500 compares well to eToro, with a larger range of markets and far more research and analysis tools. eToro tends to cater to more casual traders – perhaps who’s time is limited. Copy Trading is their big feature – but they do offer fractionally smaller spreads (trading costs). Plus500 however, delivers a superior service for more involved traders, and also has a lower minimum deposit and more advanced trading platform.

Plus500 vs eToro – Spreads and Trading Costs
Broker FTSE Oil EUR/USD
Plus500 Dynamic Dynamic Dynamic
eToro 1 pt (var) 5 pts 3 pips (var)

Awards

What is the minimum deposit requirement to open a trading account?

The minimum deposit requirement is $100.

How fast can my withdrawal request be processed?

The typical processing time for a withdrawal request ranges from one business day to three business days.

Is Plus500 a reliable broker?

Yes. They have been operational since 2008 and subsidiaries are regulated in several countries around the world including the UK, Singapore and Australia.

What kind of trading platform does Plus500 have?

The company uses a proprietary trading platform to provide their traders with access to the financial markets.

What is the maximum leverage available at Plus500?

The maximum leverage offered by Plus500 is 1:30 as per regulatory guidelines. Leverage varies by asset (crypto trades are limited to 1:2). Traders in Non-EU regulated markets can utilise higher levels of margin. 1:30 is a limit imposed by ESMA in European Economic Area only.

Plus500 vs Etoro

Plus500 has tighter spreads for most assets than eToro, and also has a broader range. Social trading is not available, though it is at eToro. Plus500 also has higher levels of regulation and is a much more widely recognised and ‘global’ firm.

Share Price

Plus500 are listed on the London Stock Exchange (LON:PLUS).

Accepted Countries

Plus500 accepts traders from Australia, United Kingdom, South Africa, Singapore, Hong Kong, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.

Traders can not use Plus500 from Belgium, Iran, United States, Canada, Zimbabwe, Nigeria, Cote D’Ivoire, Cameroon, Thailand, India, Indonesia, Brazil, Egypt, Pakistan, France, Cayman Islands, Philippines.

Interactive Brokers Review 2020

Summary

Recommended for traders looking for low fees and a professional trading environment

Interactive Brokers was founded in 1978 and is one of the biggest US-based discount brokers. The broker is regulated by several financial authorities globally, including top-tier ones like the UK’s Financial Conduct Authority (FCA) and the US Securities and Exchange Commission (SEC).

As it has licenses from multiple top-tier regulators, the broker is considered safe. Also, having a long track record and publicly disclosed financials while being listed on a stock exchange are also great signs for its safety.

We selected Interactive Brokers as Best online broker, Best broker for day trading and Best broker for futures for 2020, based on an in-depth analysis of 57 online brokers that included testing their live accounts. Check out the complete list of winners.

Interactive Brokers pros and cons

Interactive Brokers has the widest selection of markets and products among online brokers, with a lot of great research tools, and it is regulated by a lot of financial authorities.

On the other hand, most users can only make deposits and withdrawals via bank transfer. We recommend this broker for advanced traders, as the account opening process is complicated and the desktop trading platform is not user-friendly.

Pros Cons
• Wide range of products • Extremely complex desktop trading platform
• Many great research tools • Complicated account opening process
• Regulated by several authorities • High inactivity fee
Interactive Brokers main features and highlights
��️ Country of regulation UK, USA, India, Australia, Canada, Japan, Hong Kong
�� Trading fees class Low
�� Inactivity fee charged Yes
�� Withdrawal fee amount $0
�� Minimum deposit $0
�� Time to open an account 1-3 days
�� Deposit with credit card Not available
�� Depositing with electronic wallet Not available
�� Number of base currencies supported 19
�� Demo account provided Yes
��️ Products offered Stock, ETF, Forex, Fund, Bond, Options, Futures, CFD, Crypto, Warrants, Structured Products, Indices, Metals

Gergely Korpos

Author of this review

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

Interactive Brokers review
Fees

Interactive Brokers has low trading fees and for US clients, stock and ETF trading is free. On the negative side, there is a high inactivity fee for non-US clients.

Pros Cons
• Low trading fees • Inactivity fee
• Low stock and ETF fees
• Low financing rate
• Free stock and ETF trading for US clients

Interactive Brokers fees snapshot

Assets Fee level Fee terms
US stock Low $0.005 per share, min. $1, max. 1% of trade value. Free for US clients choosing IBKR Lite plan.
EURUSD Average Trade value less than $1,000 million: 0.2 bps * trade value with $2 min.
Mutual fund Average $14.95 per transaction or 3% of trade value, whichever is lower
Inactivity fee High $20 per month if you have less than $2,000 account balance and if you don’t generate minimum $20 in commissions. $10 for accounts having at least $2,000 account balance, while no inactivity fee for US clients choosing IBKR Lite plan.

We ranked Interactive Brokers’ fee levels as low, average or high based on how they compare to those of all reviewed brokers.

To get things rolling, let’s go over some lingo related to broker fees. What you need to keep an eye on are trading fees and non-trading fees.

  • Trading fees occur when you trade. These can be commissions, spreads, financing rates or conversion fees.
  • Non-trading fees include charges not directly related to trading, like withdrawal fees or inactivity fees.

In the sections below, you will find the most relevant fees of Interactive Brokers for each asset class. For example, in the case of stock investing commissions are the most important fees.

We also compared Interactive Brokers’s fees with those of two similar brokers we selected, Saxo Bank and Degiro. This selection is based on objective factors such as products offered, client profile, fee structure, etc. See a more detailed rundown of Interactive Brokers alternatives.

To have a clear overview of Interactive Brokers, let’s start with the trading fees.

Interactive Brokers trading fees

Interactive Brokers’s trading fees are low. Because of this, it is also recommended if you a lot of trades frequently.

You can choose between Interactive Brokers’s fixed rate and tiered price plans:

  • The fixed rate price plan typically charges a fixed rate per contract or share. This charge covers all commissions and exchange fees.
  • The tiered price plan charges fees based on your monthly trading volume. The more you trade, the lower the commissions are. However, exchange, regulatory and clearing fees may be charged additionally.

Since the end of 2020, clients from the US can choose a new service plan, called IBKR LITE. With this service plan, you can trade US-listed stocks and ETFs commission-free without any inactivity fees.

In this review, we tested the fixed rate plan.

Stock fees and ETF fees

Interactive Brokers has generally low stock and ETF commissions.

Stock and ETF commission of a $2,000 trade

Interactive Brokers Saxo Bank DEGIRO
US stock $1.0 $10.0 $0.6
UK stock $7.2 $9.6 $2.4
German stock $4.4 $11.0 $5.4

The Interactive Brokers stock trading fee is volume-based: either per share or a percentage of the trade value, with a minimum and maximum. ETF fees are the same as stock fees.

Interactive Brokers stock fees

Belgium, France, Xetra, Italy, Netherlands

Market Commission Min Max
North America
$0.005 / share $1 1% of the trade value
CAD 0.01 / share CAD 1 0.5% of the trade value
0.1 % of the trade value MXN 60 No
Europe
UK up to £50,000 trade volume £6.00 £6 £6
UK more than £50,000 trade volume £6.00 + 0.05% of trade value £6 £29
0.1% of the trade value €4 €29
Switzerland 0.1% of the trade value CHF 10 No
Spain 0.1% of the trade value €4 No
Austria 0.1% of the trade value €4 €120
Poland 0.1% of the trade value PLN 15 No
0.05% of the trade value NOK/SEK 49 No
0.15% of the trade value €6 No
Estonia, Latvia, Lithuania 0.2% of the trade value €10 No
Hungary 0.1% of the trade value HUF 200 No
Asia-Pacific
0.08% of the trade value AUD 6 No
0.08% of the trade value HKD 18 No
0.08% of the trade value JPY 80 No
0.08% of the trade value SGD 2.5 No
India 0,01% of the trade value INR 6 INR 20

If you prefer stock trading on a margin or short sale, you should check Interactive Brokers’s financing rates.

What is the financing rate? Financing rates or margin rates are charged when you trade on margin or short a stock. This basically means that you borrow money or stocks from your broker to trade, for which you have to pay interest. This is the financing rate, and it can be a significant proportion of your trading costs.

Interactive Brokers financing rates are low. The financing rates vary based on your account base currency and the amount you borrow.

Interactive Brokers annual financing rates for stocks, futures and options

Interactive Brokers Saxo Bank DEGIRO
USD margin rate 2.6% 3.1%
GBP margin rate 2.0% 1.9%
EUR margin rate 1.5% 0.8%

As of March 2020, the rates for different debit balances in USD ranged between 2.15-3.35%.

Interactive Brokers annual financing rates, USD

Debit balance Rate%
$200,000,000.01 – 1.39%
$3,000,000.01 – $200,000,000 1.39%
$1,000,000.01 – $3,000,000 1.59%
$100,000.01 – $1,000,000 2.09%
Under $100,000 2.59%

Forex fees

Interactive Brokers’s forex fees are average, with higher fees for the most-traded EURUSD.

To have a clear picture of forex fees we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

Forex benchmark fee of a $20,000 30:1 long position held for one week

Interactive Brokers Saxo Bank DEGIRO
EURUSD benchmark fee $17.9 $15.5
GBPUSD benchmark fee $13.6 $12.8
AUDUSD benchmark fee $12.0 $13.7
EURCHF benchmark fee $7.1 $4.6
EURGBP benchmark fee $13.0 $10.2

When you trade forex, IB charges a volume-based commission. The higher the volume of your trades, the lower commission you pay.

Interactive Brokers forex commissions

Monthly traded amount Commission Min
USD ≤ 1,000,000,000 0.20 basis point of the trade value $2.00
USD 1,000,000,001 – 2,000,000,000 0.15 basis point of the trade value $1.50
USD 2,000,000,001 – 5,000,000,000 0.10 basis point of the trade value $1.25
USD > 5,000,000,000 0.08 basis point of the trade value $1.00

Fund fees

Interactive Brokers’s mutual fund fees are average. We calculated the fees for US mutual funds.

Interactive Brokers commission for a $2,000 fund purchase

Interactive Brokers Saxo Bank Degiro
Mutual fund $15.0 $0.0 $10.3

The mutual fund fees are different among ranges. The fee structure is percentage based and can have a minimum and a maximum.

Interactive Brokers fund fees

Country Commission Min Max
US 3% of the trade value or $14.95, whichever is lower
US funds with no transaction fees 0% $0 $0.00
Europe 0.1% of the trade value €4 €29.00
Global 3% of the trade value or $14.95, whichever is lower

Bond fees

Interactive Brokers has generally low bond fees.

Commission of a $10,000 government bond trade

Interactive Brokers Saxo Bank DEGIRO
US Treasury bond $5.0 $88.0
EU government bond $10.0 $88.0 $10.5

Interactive Brokers charges a volume-based commission with a minimum amount.

Interactive Brokers bond fees

Bonds Volume Commission Min Max
US Corporate Face value ≤ 10,000 0.10% * face value $1 $250 or 1% of trade value, whichever is lower
US Treasuries Face value ≤ 1,000,000 0.02% * face value $5 No
Europe Trade value ≤ 50,000 0.10% * trade value €2 No
Hong Kong Government Trade value ≤ 15,000,000 0.08% * trade value HKD 18 No

Options fees

The options fees at Interactive Brokers are generally low.

Stock index options commission of 10 contracts

Interactive Brokers Saxo Bank DEGIRO
US stock index options $7.0 $40.0 $5.0
UK stock index options $20.4 $36.0
German stock index options $12.1 $44.0 $9.9

You pay options fees depending on the number of contracts you trade.

Interactive Brokers options fees for stock index options

Market Commission Min
North America – all options
US, monthly contracts Stock index futures commission of 10 contracts
Interactive Brokers Saxo Bank DEGIRO
US stock index futures $8.5 $40.0 $5.0
UK stock index futures $20.4 $36.0 $27.5
German stock index futures $22.0 $44.0 $8.3

Similarly to options, you pay a commission based on the number of contracts you trade.

Interactive Brokers futures fees for stock index futures

Futures Commission
North America
US $0.85 / contract
Canada CAD 2.4 / contract (min CAD 2.4)
Mexico MXN 20 / contract (min MXN 20)
Europe
Belgium €4.5 / contract (min €4.5)
France, Germany €2 / contract (min €2)
Italy, Netherlands, Spain €3 / contract (min €3)
Switzerland CHF 4 / contract (min €4)
UK GBP 1.7 / contract (min GPB 1.7)
Asia-Pacific
Australia AUD 6.25 / contract (min AUD 6.25)
Hong Kong HKD 30 / contract (min HKD 30)
Japan JPY 500 / contract (min JPY 500)
Singapore SGD 4 / contract (min SGD 4)

CFD fees

Interactive Brokers charges low CFD trading fees.

To have a clear understanding of CFD fees we calculated a CFD benchmark fee for the selected products. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

CFD benchmark fees, for a $2,000 long position held for one week

Interactive Brokers Saxo Bank DEGIRO
S&P 500 index CFD fee $3.6 $2.2
Europe 50 index CFD fee $2.9 $2.1
Apple CFD fee $3.5 $22.2
Vodafone CFD fee $8.2 $21.3

We calculated with 20:1 leverage for stock index CFDs and 5:1 leverage for single stock CFDs.

In the case of stock index CFDs, all fees are incorporated into the spreads. When you trade stock CFDs, you pay a volume-tiered commission.

Interactive Brokers stock CFD fees

CFDs Monthly traded amount Commission Min
US share CFDs ≤ $300,000 $0.005 per share $1.0
European share CFDs ≤ €10,000,000 0.05% €3.0
Australian share CFDs ≤ AUD 10,000,000 0.05% AUD 5.0
Hong Kong Share CFDs ≤ HKD 300,000,000 0.05% HKD 12.0
Japanese Share CFDs ≤ 9,000,000,000 0.03% JPY 100.0
US 500 index CFD 0.005% $1.0
UK 100 index CFD 0.005% GBP 1.0
Japan 225 index CFD 0.01% JPY 40.0
Forex CFD ≤ 1,000,000,000 0.20 basis points * trade value $2.0

Crypto fees

You can trade cryptocurrencies through futures and ETNs (exchange-traded notes).

  • You can trade with Bitcoin futures on the CME Group and Chicago Board Options Exchange (CBOE). The commission on one Bitcoin futures contract is $10 at the CME and $5 at the CBOE.
  • Bitcoin and Ether ETNs are available on the Stockholm Stock Exchange. IB charges a 0.05% fee when you trade on the Stockholm Stock Exchange and the minimum amount is SEK 49.

If you want to learn more about crypto trading, check out our crypto blogpost.

Asset management service

Interactive Brokers provides an asset management service, called Interactive Advisors. It is a mix of mutual funds and a robo-advisor. It’s suitable for you if you don’t want to manage your investments on your own or just need a bit more confidence in investing.

Besides the usual brokerage commissions, there is an annual management fee ranging from 0.08% to 1.50%, depending on the amount you invest. The required minimum investment amount is $5,000.

There are two ways to invest with Interactive Advisor:

  1. Answer a couple of questions, based on which Interactive Advisor will compile a portfolio that is automatically rebalanced.
  2. Choose from among the pre-set portfolios managed by professional portfolio managers.

Non-trading fees

Interactive Brokers has average non-trading fees. There is no account or deposit fee. The first withdrawal each month is also free of charge, while subsequent withdrawals carry a fee.

On the negative side, the inactivity fee is high. The amount of inactivity fee depends on many factors.

Interactive Brokers non-trading fees

Interactive Brokers Saxo Bank DEGIRO
Account fee No No No
Inactivity fee Yes Yes No
Deposit fee $0 $0 $0
Withdrawal fee $0 $0 $0

The inactivity fee depends on your account balance, your age, and there are waivers which might apply:

Interactive Brokers’ inactivity fee

1) First three calendar month it’s waived

2) Total assets’ value is more than $100,000

1) First three calendar month it’s waived

2) Total assets’ value is more than $100,000

*If you generate a commission in the calendar month, then it’ll be the difference between the commission you generated and the inactivity fee. For example, if you generate a $15 commission and have an account balance of less than $2,000, then the monthly inactivity fee is $5.

Interactive Brokers review
Account opening

IB’s account opening process is fully digital and the required minimum deposit is low. On the negative side, the online registration is complicated and account verification takes around 2 business days.

Account balance less than $2,000 Account balance above $2,000 Account owner is younger than 25 years old
Monthly inactivity fee $20* $10* $3*
Potential waivers Not applicable
Pros Cons
• Fully digital • Not user-friendly
• No minimum deposit for most accounts types • Confusing messages throughout the process

Can you open an account?

Interactive Brokers is present on every continent, so you can most likely open an account. Only countries with highly unstable political or economic backgrounds are excluded, such as North Korea.

What is the minimum deposit at Interactive Brokers?

The required Interactive Brokers minimum deposit is $0 . However, there is a $2,000 minimum if you would like to trade on margin or short sale. Trading on margin means that you are trading with borrowed money, also known as leverage.

Account types

Interactive Brokers offers many account types, which fall into two big groups:

  • accounts for individual traders and investors
  • accounts for institutions

As an individual trader or investor, you can open many account types. A few of them, like an IRA account, are available only for US clients.

Interactive Brokers account types

Account types Short description
Individuals Account is owned and used by a single individual
Joint Account is owned and used by two individuals
Trust Account is held by a Trustee (separate legal entity) for your benefit
IRA Individual retirement account, which is only available for US clients
UGMA/UTMA Account for clients who are minors, which is only available for US clients
Friends and Family Account for a client group of up to 15 members
Family Office Account for an individual who is a Family Office Manager
Small Business Account for small corporations
Advisor Account for an individual who manages both client administration and the client’s money
Money Manager Account for an individual who is hired on behalf of another advisor.

Besides the various account types, you can choose from the IBKR PRO and IBKR LITE service plans if you are a US resident. They differ in pricing and available trading platforms.

Comparison of IBKR LITE and IBKR PRO

Features IBKR LITE IBKR PRO
Commission US exchange-listed stocks and ETFs are commission-free, while other products have fixed or tiered pricing Fixed or tiered pricing for all products
Account fee No account fee Up to $10 account fee per month
Trading features Client Portal, IBKR Mobile and IBot are available, but the desktop trading platform is not All platforms are available, including the desktop trading platform

Integrated Investment Management

Interactive Brokers has expanded the account features for US residents with the introduction of the Interactive Brokers debit card, and the Integrated Investment Management program. Such new features include:

  • Direct debit card deposits
  • Borrowing
  • Paying bills without checks through Bill Pay

All US cash and margin accounts are eligible for application. To apply, go to your Client PortalTransfer & Pay, then Debit Card menu.

How to open your account

The account opening process is fully digital but overly complicated. After your online registration, the account verification takes around 2 business days, which is a bit slower than the usual account verification time for most brokers.

At first, you have to go through a 5-step registration process, which takes roughly an hour. We experienced a few bugs and errors throughout the process, such as disappearing information and various error messages. It was complicated, with confusing and unclear messages.

During the account opening process, you have to provide some personal information and there are also questions about your trading experience.

In the end, you have to verify your identity and residency by uploading the required documents:

  • Verification of identity: passport / national ID / driver’s license
  • Verification of residency: bank statement / utility bill / driver’s license / credit card statement / other document

This is a standard process, which in financial lingo is called a KYC (know-your-customer) process. This is required to make sure you are truly identifiable.

Interactive Brokers review
Deposit and withdrawal

Interactive Brokers offers many account base currency options and one free withdrawal per month. The main drawbacks are that you can only use bank transfer and the process is not user-friendly.

Pros Cons
• No deposit fee • Credit/Debit card not available
• Several account base currencies • Not user-friendly
• First withdrawal each month free

Account base currencies

Interactive Brokers provides a lot of account base currencies, which is great if you trade with assets in various currencies.

Interactive Brokers account base currencies

Australian Dollar British Pound Canadian Dollar Chinese Yuan
Czech Koruna Danish Krone Euro Hong Kong Dollar
Hungarian Forint Israeli Shekel Japanese Yen Mexican Peso
New Zealand Dollar Norwegian Krone Russian Rouble Singapore Dollar
Swedish Krona Swiss Franc US Dollar

Compared to its competitors, you can see that IB’s selection is similar to that of Saxo Bank, while Degiro offers less base currencies.

Base currencies at Interactive Brokers compared to similar brokers

Interactive Brokers Saxo Bank DEGIRO
Number of base currencies 19 19 9

Why does this matter? For two reasons. If you fund your account in the same currency as your bank account or you trade assets in the same currency as your account base currency, you don’t have to pay a conversion fee.

A convenient way to save on the currency conversion fees is by opening a multi-currency bank account at a digital bank. Revolut or Transferwise both offer bank accounts in several currencies with great currency exchange rates as well as free or cheap international bank transfers. Opening an account only takes a few minutes on your phone.

Deposit fees and options

Interactive Brokers deposits are free of charge. However, deposit options are limited, as neither credit/debit cards nor electronic wallets can be used.

If you reside in the US, however, you have multiple extra options, such as:

  • ACH (Automated Clearing House)
  • Check
  • Online bill payment
  • Direct Rollover (IRA accounts only)
  • Trustee-to-Trustee (IRA accounts only)

Also, since early 2020 Interactive Brokers introduced direct debit card deposits as part of their Integrated Investment Management account. This is only available for US residents.

Australian clients can also use BPAY as a deposit method.

Interactive Brokers deposit options

Interactive Brokers Saxo Bank DEGIRO
Bank transfer Yes Yes Yes
Credit/Debit card No Yes No
Electronic wallets No No Yes

A bank transfer can take 2-3 business days to arrive. You can only deposit money from sources that are in your name.

Interactive Brokers withdrawal fees and options

The first withdrawal each month is free of charge, while subsequent withdrawals have a fee.

Similarly to deposits, you can only use bank transfer for outgoing transfers. US residents can also withdraw via ACH or check.

Interactive Brokers withdrawal fees and options

Interactive Brokers Saxo Bank DEGIRO
Bank Transfer Yes Yes Yes
Credit/Debit card No No No
Electronic wallets No No No
Withdrawal fee $0 $0 $0

The fee for subsequent withdrawals after the first free one depends on the currency and the method you use for withdrawal.

Interactive Brokers withdrawal fee

Withdrawal’s currency Wire BACS/GIRO/ACH/EFT/SEPA
USD* 10 1
EUR 8 1
GBP 7 1
CAD 12 2
CNH 60 7
HKD 95 8
NZD, SGD 15 1
AUD 15 N/A
CHF 11 N/A
CZK 300 N/A
DKK 30 N/A
HUF 6,000 N/A
ILS 30 N/A
JPY 1,600 N/A
NOK, SEK 50 N/A
MXN 100 N/A
PLN 40 N/A
RUB 330 N/A
ZAR 200 N/A

*Check payments are also available in USD and they carry a $4 fee.

How long does it take to withdraw money from Interactive Brokers? We tested it and it took 2 business days. While you wait, a new feature since early 2020 lets you track your withdrawal in real-time on the Client Portal.

How do you withdraw money from Interactive Brokers?

  • First, log into the Client Portal then click on ‘Transfer & Pay’ and ‘Transfer funds.’
  • Select the account you want to use for the transaction.
  • At the top of the page, click on the ‘Withdraw Funds’ tab.
  • Select the currency of your withdrawal, then the withdrawal method.
  • Fill out the required information.
  • Submit your withdrawal request.
  • You can see the status of your request in ‘View Transaction History.’

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Interactive Brokers review
Web trading platform

Interactive Brokers’s web platform is simple and easy to use even for beginners. On the negative side, it is not customizable.

Pros Cons
• User-friendly • Limited customizability (for charts, workspace)
• Clear fee report
• Two-step (safer) login
Interactive Brokers platforms to choose from
Trading platform Score Available
Web 4.3 / 5 stars Yes
Mobile 3.5 / 5 stars Yes
Desktop 3.0 / 5 stars Yes

When you trade online at IB, you can choose between two web platforms: the Client Portal and Webtrader. In this review, we tested the Client Portal since it is more user-friendly and easier to use than Webtrader. For IBKR Lite users, only the Client Portal is available.

The Client Portal is available in multiple languages: Dutch, English, French, German, Italian, Japanese, Russian, Simplified Chinese, Slovakian, Spanish, Traditional Chinese.

Look and feel

The Client Portal platform is particularly user-friendly and intuitive. You will easily find every feature even if you have just started trading. On the negative side, it is not customizable at all.

Login and security

Interactive Brokers provides several options for safe logins:

  1. You can use two-step authentication through SMS messaging.
  2. IB Key is a two-step authentication feature available through IBKR Mobile.
  3. A bit old-fashioned way is the Secure Login System, where you get a plastic code card.

Search functions

The search function is easy-to-use and works better than on the desktop platform.

All you have to do is type in the preferred asset’s name, and you can see a list of exchanges and products. The search bar can be found in the upper right corner.

Placing orders

Client Portal offers many order types. If you prefer more sophisticated orders, you should use the desktop trading platform. Available order types are:

  • Limit
  • Market
  • Stop
  • Stop Limit
  • Limit-on-Close
  • Market-on-Close
  • Trailing Stop
  • Trailing Stop Limit

If you are not familiar with the basic order types, read this overview.

You can also use a lot of order time limits:

  • Day
  • Good-til-Canceled (GTC)
  • Immediate or Cancel
  • Market-on-Open
  • Limit-on-Open

Alerts and notifications

You can set alerts and notifications, but only through the built-in chat. We think that it would be better if users could set alarms when they set up their order.

Portfolio and fee reports

Portfolio and fee reports are transparent. The portfolio tab gives a clear overview of your performance, including historical profit/loss balance and the fees you paid.

Interactive Brokers review
Mobile trading platform

The Interactive Brokers mobile trading platform has a lot of functions and a useful chatbot, but its user interface could be better.

Pros Cons
• Two-step (safer) login • User interface is a bit complex
• Good search function
• Good variety of order types

IBKR Mobile, Interactive Brokers’s mobile trading platform, is available both for iOS and Android. In this review, we tested it on Android.

The number of available languages is almost the same as at the web trading platform, only Slovakian is not supported.

Look and feel

The mobile trading app is handier compared to the web platform. On the other hand, its overall look and user-friendliness lags behind the competitors’ mobile platforms.

Login and security

You can use a two-step login, which is safer than a simple login. Furthermore, if your device has a fingerprint sensor, you can also use biometric authentication for convenience.

Search functions

The search function works well, just like at the web trading platform. You can access the search button easily from any menu.

When you type in the asset you are looking for, the app lists all asset types. For example, if you search for Apple, you can choose between Apple stock, futures, options, warrants, as well as CFDs.

After you have chosen the product are you interested in, you will be greeted by an information and trading window, which shows:

  • Asset market information
  • An interactive chart with technical indicators
  • Related news
  • Some fundamental data
  • Summary of the latest analyst report
  • The buy and sell buttons that transfer you to the order panel.

Placing orders

IBKR Mobile has the same order types as the web trading platform.

Alerts

You can set alerts only via the chatbot, which is not the most intuitive method.

Special feature – Chatbot

The most innovative and exciting function within the app is the chatbot, call IBot. You can use the chatbot to execute or close an order, or to get basic info quickly.

The chatbot understands basic commands, such as “apple price” or “buy 1 apple share.” On top of this, you can also search for company fundamentals, like dividend yields or PE ratios. Some of the functions, like displaying a chart, are also available via the chatbot.

Interactive Brokers review
Desktop trading platform

Interactive Brokers provides a desktop platform for IBKR PRO accounts with many customizable options and advanced execution functions. However, the platform is not user-friendly and is more suited for advanced traders.

Pros Cons
• Clear fee report • Not user-friendly
• Good customizability (for charts, workspace) • Poor search function
• Good variety of order types • Too complex for beginners

Interactive Brokers’s desktop platform Trader Workstation (TWS) is so advanced that even a separate review would not be able to cover all of its features. Nevertheless, we tried to provide you with a comprehensive summary of TWS.

In the desktop trading platform, you have literally every feature you could desire. Whether you were dreaming of replicating your favorite ETF or trading with chatbots – with Interactive Brokers, you can do them both.

The desktop trading platform is available in multiple languages, but fewer than the web trading platform. For example, Dutch and Slovakian are missing.

Look and feel

To be honest, this is by far the most complex platform that we at Brokerchooser have ever reviewed. This platform is ideal for you if you consider yourself a professional user. If you are a beginner or someone who seeks long-term investments, you may have difficulty navigating all of TWS’s features.

Despite its complexity the platform is highly customizable, for example, you can set up your own templates.

Login and security

It has the same security features as the web trading platform. You can turn on two-step authentication, which makes the platform safer to use.

Search functions

The search function is the platform’s weakest feature. Search results are not structured and it is quite difficult to filter out the product you are looking for.

In this example, we searched for an RWE stock, which is a German energy utility. However, when we typed in “rwe,” all the structured and derivative products were listed in the results as well, which made it harder to find the real stock.

Using the chatbot is great substitute solution. When you search for RWE directly through this feature, it will direct you to the stock listed on the main stock exchange.

Placing orders

Trading through TWS, IKBR PRO offers many different order types.

Order types at Interactive Brokers

Limit Mid Price Market Market-to-Limit
Stop Stop-Limit Trail Trail-Limit
Relative Retail Price Improvement Snap Market Snap To Midpoint
Snap to Primary Market-on-Close Limit-on-Close IBALGO
Hedge (with Forex, or Pair Stock)

On its desktop platform, Interactive Brokers provides Smart Routing, a great feature that detects the best possible route (e.g. exchange) for your trades automatically. TD Ameritrade also has a similar service.

If you are not familiar with the basic order types, read this overview.

The order term options also include some special types beyond the usual ones:

  • Good ’till Canceled (GTC)
  • Good-Til-Date (GTD)
  • Market-on-open (MOO)
  • Limit-on-open (LOO)
  • Immediate-or-cancel (IOC)
  • Fill-or-Kill (FOK)
  • Day ‘Til canceled (DTC)

Alerts and notifications

Alerts and notifications can be set in the ‘Configuration panel.’ You can select email, SMS, or mobile pop-up notifications.

You can also set additional alerts, for example for price changes, daily profits or losses, executed trades, etc.

Reports on the Interactive Brokers desktop platform are really transparent, just like on the web platform.

Interactive Brokers review
Markets and products

Through Interactive Brokers you can access an extremely wide range of markets, with every product type available.

Interactive Brokers Saxo Bank DEGIRO
Stock Yes Yes Yes
ETF Yes Yes Yes
Forex Yes Yes No
Fund Yes Yes Yes
Bond Yes Yes Yes
Options Yes Yes Yes
Futures Yes Yes Yes
CFD Yes Yes Yes
Crypto Yes Yes Yes

Interactive Brokers has a great selection of products, with an exceptional range of ETFs and bonds. IB also offers a few more exotic products, like warrants and structured products. It only lags behind its competitors in terms of its FX pair and CFD selection.

Regarding accessible stock exchanges, the Israeli Tel Aviv Stock Exchange has been added for ETF and stock trading. Since we last checked, IB provides access to almost 140 exchanges worldwide, with alternative services as well, such as Interactive Advisors. This is an asset management service, a mix of robo advisory and social trading.

Stocks and ETFs

Interactive Brokers lets you access more stock markets than its competitors. This includes major stock markets like the NASDAQ, the New York Stock Exchange (NYSE) or the London Stock Exchange (LSE), but also minor ones such as the Warsaw Stock Exchange in Poland or the Mexican markets. Other than regular stocks, penny stocks are also available.

Besides stocks, you can also trade with more than 13,000 ETFs at IB. This is much less than it was in early 2020, but it is still the most extensive selection among competitors.

Stocks and ETFs

Interactive Brokers Saxo Bank DEGIRO
Stock markets (#) 78 36 30
ETFs (#) 13,000 3,100 5,400

Since December 2020, fractional shares are available at Interactive Brokers for individual accounts on all trading platforms. This means you can trade with only a portion of a share which is a great feature if you want to cut share costs.

Forex

Interactive Brokers provides a vast selection of more than 100 currency pairs; only Saxo Bank has more.

Currency pairs

Interactive Brokers Saxo Bank DEGIRO
Currency pairs (#) 105 182

Funds

Through IB, you have access to more than 250 fund providers including big market names like Blackrock and Vanguard. Only Swissquote offers more fund providers than Interactive Brokers.

Fund providers

Interactive Brokers Saxo Bank DEGIRO
Fund providers (#) 257 17 68

Bonds

Interactive Brokers gives you access to a massive number of bonds. Out of all government and corporate bonds available at IB, 1.4 million are so-called municipal bonds: these are fixed income investments issued by local US governments, cities, states or counties, but they are tradable only for US residents. The table below does not include municipal bonds in the overall number of bonds product, but even so the number of bonds available is still higher than at competitor brokers.

Bonds

Interactive Brokers Saxo Bank DEGIRO
Bonds (#) 72,900 38,000 870

Options

As with other product types, Interactive Brokers has an extremely wide range of options markets. You can access the biggest options markets, like the Chicago Board Options Exchange (CBOE) or the CME Group, as well as smaller markets, such as the Korea Stock Exchange (KSE) or the Mexican Derivatives Exchange (MEXDER).

Options markets

Interactive Brokers Saxo Bank DEGIRO
Options markets (#) 33 5 13

Futures

Interactive Brokers offers an extensive selection of futures products and markets. There are now 32 markets available, which is more than what competitors provide. Similarly to options, you will find both major and minor markets.

Futures markets

Interactive Brokers Saxo Bank DEGIRO
Futures markets (#) 32 23 15

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Only clients who are trading through Interactive Brokers (U.K.) Limited are eligible to trade with CFDs. Compared to other products and competitors, IB offers an average range of CFDs, mainly stock and stock index CFDs.

Interactive Brokers Saxo Bank DEGIRO
Stock index CFDs (#) 13 29
Stock CFDs (#) 7,100 8,800 900
ETF CFDs (#) 675
Commodity CFDs (#) 19
Bond CFDs (#) 5
Futures CFDs (#)

Cryptos

At IB you can trade with Bitcoin and Ethereum ETNs and Bitcoin Futures:

  • Bitcoin and Ether ETNs are traded on the Stockholm Stock Exchange and the US OTC (Pink) markets
  • Bitcoin Index is available on the New York Stock Exchange (NYSE) and on the CME Group and Chicago Board Options Exchange(CBOE)
  • Bitcoin futures are available on the CME Group and Chicago Board Options Exchange(CBOE)

If you want to know more about crypto investing, we recommend our crypto blogpost.

Interactive Brokers Saxo Bank DEGIRO
Cryptos (#) 2 2 2

Asset management service

Interactive Advisors, IB’s own asset management service, allows you to copy professional portfolio managers, letting you automatically make trades as professionals do.

You can choose from many portfolio managers to find the one that fits you best, with real-time portfolio performance available.

The minimum investment depends on the portfolio you want to invest in: the lowest investment amount starts at $5,000.

Interactive Brokers review
Research

Interactive Brokers has almost limitless research possibilities, but the user interface is overly complicated, hard to follow and not well designed.

Pros Cons
• Good interactive chart • Not user-friendly
• Trading ideas
• Data on asset fundamentals

The quality of the research available is good and you always have the freedom to choose between third-party providers.

Recommendations

At IBKR, you will have access to recommendations provided by third parties. These research tools are mostly free, but there are some you have to pay for.

Several famous news sources, like Thomson Reuters, Morningstar and Dow Jones, are available for free.

Since January 2020, Interactive Brokers incorporated two new recommendation tools called Validea and TheLeadingEdge. They provide real time analysis, in-depth reports and model portfolios for a monthly subscription. You can enable these features via your Client Portal: to do so, select Menu-Settings-User Settings and then Research Subscriptions.

Fundamental data

Interactive Brokers provides a broad selection of fundamental data on all of its platforms. These include income statements for the past six years, a dividend calendar and peer group companies, for example.

Charting

The charting features are almost endless at Interactive Brokers. There are 120 technical indicators; however, similar to the platforms, the charting tool is not user-friendly.

Other special technical tools include:

  • Stock/ETF benchmarker: helps you to benchmark your stock or portfolio versus a selected benchmark
  • Mutual fund and ETF replicator
  • Volatility lab
  • Option probability lab: a group of option analysis functions
  • VaR, Sharpe: portfolio performance analyzers

News feed

You have access to:

  • News
  • Dailysummaries
  • Multiple economiccalendars

Interactive Brokers has its own news domain called Traders’ Insight. It also provides integrated third-party news and recommendations to its desktop platform.

Upon entering the platform, you have the option to read daily summaries of the markets through the Daily Lineup. This feature helps you to be informed about the latest news and analyst recommendations. An Earnings and an Economic Calendar are also helpful quick shortcuts to start off your day.

The Economic Calendar informs you about upcoming events that will have an economic impact. The feature can be accessed separately at any time from the menu, though the design could be better. If you look for an all-around economic calendar that includes upcoming national holidays for the year 2020, find it here on IB’s page.

Interactive Brokers review
Customer service

Interactive Brokers customer service is good. They can be contacted via phone, email, live chat and an automated ‘iBot’ and provide fast and relevant answers. However, most options are not available 24/7.

Pros Cons
• Phone support • No 24/7 support
• Live chat
• Fast response time

You can contact Interactive Brokers via:

Customer service is available in several regions and languages, namely in English, Russian, Chinese, Indian and Japanese.

Regional Service Desks and hours of operation

Location Number Hours of operation (Time Zone)
United States 1 (877) 442-2757 Toll free
1 (312) 542-6901 Direct dial
14:00 (Mon – Fri) – 02:00 (Tue – Sat) (Europe/Berlin)
19:00 (Sun) – 01:00 (Mon) (Europe/Berlin)
Canada 1 (877) 745-4222 Toll free
1 (514) 847-3499 Direct dial
14:00 – 23:30 (Mon – Fri) (Europe/Berlin)
Europe 00800-42-276537 Toll free
+41-41-726-9500 Direct dial

+44 207-710-5695 Direct dial United Kingdom

09:00 – 18:00 (Mon – Fri) (Europe/Berlin)
Russia 8-800-100-8556 Toll free
+41-41-726-9506 (Russian)
08:00 – 17:00 (Mon – Fri) (Europe/Berlin)
Hong Kong +852-2156-7907 Direct dial 02:00 – 11:00 (Mon – Fri) (Europe/Berlin)
Australia +61 (2) 8093 7300 Direct dial 00:30 – 10:00 (Mon – Fri) (Europe/Berlin)
India +91 22 61289888 Direct dial
+91 22 39696188 Direct dial
02:30 – 14:00 (Mon – Fri) (Europe/Berlin)
China +86 (21) 6086 8586 Direct dial 03:00 – 12:00 (Mon – Fri) (Europe/Berlin)
Japan +81 (3) 4588 9700 Direct dial
+81 (3) 4588 9710 Direct dial (English)
01:30 – 10:30 (Mon – Fri) (Europe/Berlin)

We had lots of problems with customer service when we tested it in 2020, with long wait times one of them. On one occasion, we sent an inquiry in English and received an answer email only after four days – in Russian.

In 2020 we tested the chat, email and phone support, three times. Since 2020, the Interactive Brokers customer service improved a lot, we did not encounter any major problems. Email responses arrived within a day. The wait time for a representative in a live chatroom was rather long (e.g. more than three minutes), but after they came online, the experience was smooth with relevant answers.

The waiting time for a phone call was around one minute.

Also, since we last checked, the Inquiry Response Center got a facelift: now known as Message Center, it has improved a lot in design. We liked the modern look of the interface.

Despite all of the above, the lack of 24/7 availability is still a problem.

Interactive Brokers review
Education

Interactive Brokers offers a wide range of quality educational materials and tools, including videos, courses, webinars, a glossary, and even a demo account.

Pros Cons
• Demo account • Courses only available after registration
• Trading platform tutorial
• Educational videos

At Interactive Brokers you can learn in the following ways:

  • Paper (demo) account
  • Online courses
  • Webinars
  • Educational videos
  • Platform tutorial videos
  • Glossary
  • News

Once you set up a trading account, you can also open a Paper Trading Account. This is a demo account: all paper accounts start with $1,000,000 in virtual money, which you can use to experiment with IB’s platforms and trading services. Similar to this is IBKR Mobile’s Read-only mode, which lets you check out the mobile interface, although you won’t be able to make any trades. In summary, we think these are great services, and the best way to learn how a trading platform works.

In addition to the above services, you can choose from multiple courses based on your trading skills. There is also a glossary that helps you to understand technical terms, unfamiliar expressions and acronyms.

Interactive Brokers review
Safety

Interactive Brokers is regulated by several financial authorities, including top-tier ones like the SEC in the US and the UK’s FCA. Its parent company is listed on the Nasdaq Exchange.

Pros Cons
• Listed on stock exchange None
• Negative balance protection
• Regulated by top-tier financial authorities

Is Interactive Brokers regulated?

Yes, it is regulated by multiple top-tier financial authorities, like the US Securities and Exchange Commission (SEC) and the UK Financial Conduct Authority (FCA).

Is Interactive Brokers safe?

To be certain, we highly advise that you check two facts: how you are protected if something goes wrong and what the background of the broker is.

How you are protected

Not all investments are protected by SIPC. In general, SIPC covers notes, stocks, bonds, mutual funds and other investment company shares, and other registered securities. It does not cover instruments such as unregistered investment contracts, unregistered limited partnerships, fixed annuity contracts, currency, and interests in gold, silver, or other commodity futures contracts or commodity options.

Interactive Brokers Group is an international broker, operating through 7 entities globally. This matters for you because Interactive Brokers provides negative balance protection, and the investor protection amount and the regulating authority differ from entity to entity.

Interactive Brokers provides negative balance protection for forex spot and CFD trading, but only for retail clients from the European Union. Professional and non-EU clients are not covered with any negative balance protection

Interactive Brokers legal entities

Covered by the Canadian Investor Protection Fund (CIPF), regulated by the Investment Industry Regulatory Organization of Canada (IIROC)

Country of clients Protection amount Regulator Legal entity
European countries* £85,000 Financial Conduct Authority (FCA) Interactive Brokers (U.K.) Limited
USA $500,000 ($250,000 cash limit) Financial Industry Regulatory Authority (FINRA) Interactive Brokers LLC
Canada $1,000,000 Interactive Brokers Canada Inc.
Australia No protection Australian Securities and Investments Commission (ASIC) Interactive Brokers Australia PTY LTD
India No protection Securities and Exchange Board of India (BSE) Interactive Brokers (India) PVT. LTD.
Japan No protection Financial Services Agency (FSA) Interactive Brokers Securities Japan Inc.
Hong Kong No protection Hong Kong Securities and Futures Commission Interactive Brokers Hong Kong Limited

*If you are from Europe, the picture is a bit more complicated. The regulator and the protection amount also depends on what you are trading with:

  • If you trade with forex, CFDs, non-US stock index options or futures, you are protected by the FCA, up to £85,000.
  • If you trade with stocks, bonds, funds or US stock index options, you are protected by the US investor protection, i.e. $500,000, with a cash limit of $250,000.

As you can see, the details are not very transparent. Our best advice is to ask customer service from time to time about the protection amount of your actual portfolio.

Background

Interactive Brokers is based in the USA and was founded in 1978. During the last more than 40 years, despite multiple economic crises, IB managed to stay on top on the brokerage market, which is a good sign for the broker’s safety.

Interactive Brokers Group (the holding company of the different entities) is listed on the Nasdaq Stock Exchange. The listing makes the broker more transparent, as it has to publish financial statements regularly.

Being listed on the Nasdaq and regulated by both the UK’s FCA and the US SEC are all great signs for Interactive Brokers’s safety.

Interactive Brokers review
Bottom line

Interactive Brokers is one of the biggest US-based discount brokers, regulated by several top-tier regulators globally. We recommend this broker for advanced traders.

On the plus side, IB has a vast range of markets and products available, with diverse research tools and low costs.

There are some drawbacks though: there is a high inactivity fee and the account opening process is complicated. The desktop platform is complex and hard-to-understand, especially for beginners.

If you have experience navigating complex platforms and you like transparent low-cost trading, Interactive Brokers could be a great fit for you.

The Top 10 Online Trading Apps Reviewed

Trading is becoming increasingly popular, as it gives anyone the opportunity to profit on the financial markets. More so, the birth of mobile trading apps has made it even easier for people to participate in the markets by giving people access to the trading platforms on-the-go which helps people access the markets in a more efficient manner. I’ve tried and tested hundreds of different trading apps and have seen it all. So, trust me when I tell you that the 10 trading apps listed below are the best of the best!

Rank App Logo Location Type Rating
1 eToro Worldwide CFDs ★★★★★
2 Capital.com Worldwide CFDs ★★★★
3 Moomoo US Stocks ★★★★
4 XM Worldwide CFDs ★★★★
5 Plus500 Worldwide CFDs ★★★
6 City Index UK CFDs ★★★
7 Robinhood US Stocks ★★★
8 Freetrade UK Shares ★★★
9 TD Ameritrade US Stocks ★★★
10 Forex.com Worldwide Forex ★★★

As you can see, eToro has topped our list as the best trading mobile app overall, grabbing an incredible 4.9/5 rating; this is due to its incredible versatility, social features and worldwide reputation. With regards to the other apps which made it to the top 10, they vary in terms of strengths, weaknesses and features – for example; XM is one of our top Forex & CFD apps, and Capital.com is a brilliant mobile app for exchanging cryptos. Overall, the most important thing for us when looking at the best apps is whether or not they are regulated by bodies like the FCA, SEC, FINRA, MiFID, CySec.

Best Online Trading Apps 2020

You can download all of the following mobile apps from online brokers for free.

  1. eToro: Best overall trading app
  2. Capital.com: Best for global CFDs
  3. Webull: Best for US stocks
  4. XM: Best for worldwide trust
  5. Plus500: Best for active traders
  6. City Index: Best for customer service
  7. Robinhood: Best for free stock trading
  8. Freetrade: Best for stocks/shares UK
  9. TD Ameritrade: Best for US stocks and ETFs trading
  10. Forex.com: Best for forex

What is a Trading App?

A trading app is a mobile application which you can use to trade different markets. These apps are usually free and serve as an addition to the main platform offered by brokers. In this guide, we’ll be taking a look at the different available types of mobile platforms and answering some of the most commonly asked questions.

Types of Trading Apps

Not all mobile trading platforms are the same. They vary in terms of what you can trade, where you can use them and regulation. Let’s now take a look at some of the different types of mobile trading platforms out there.

Stock Trading Apps

Stock apps are mobile trading applications which allow you to buy and sell stocks which are investments in certain companies which sometimes pay out dividends and thus can act as a form of passive income. Stock trading apps are popular as they offer the general public with a way of profiting from the economic growth of companies. If you think a company will do well in the future, you can put your money where your mouth is by buying their stock using stock trading applications and then selling it if/when the price of the stock goes up. If you live in the United States, I would recommend that you use either TD Ameritrade, Robinhood, Charles Schwab or the E-Trade stock app for stock trading. If you live in the UK, I would recommend Freetrade stocks app for free trading. For global stock trading, our favourite mobile trading mobile app is eToro, although eToro is a CFD trading platform, so you don’t actually own the stocks, but you can still profit on them.

Forex Trading Apps

Currency (Foreign Exchange) trading is another popular type of trading globally. One of the main reasons people like trading forex is that unlike stock trading, you can trade forex 24 hours per day, 5 days per week – therefore there are far more opportunities to trade the market. A lot of people who trade stocks turn to forex after the stock market closes for the day. Forex trading platforms aren’t too dissimilar to the other apps listed on this site, the only difference is that most of them connect to a mobile app called MT4 which is basically the standard for forex trading. That being said, there are some forex apps which have native charts – these are my favourite. Forex trading is more global and in some cases, easier to do than stock trading. If you’d like to have a go trading some forex on mobile apps, then I recommend you check out Forex.com or XM – both are 2 of our top favourite forex brokers. You can also check out our full list of the top forex apps.

CFD Trading Apps

CFDs, also referred to as ‘Contracts for Difference’ are financial instruments that you can trade through a variety of different broker firms. They allow you to profit from price movements of stocks, commodities (like oil for example), indices, shares, forex and more – all without having to buy or sell the underlying asset. CFD trading platforms are one of the most common types, as they provide an easy way to trade anything all from one app. As you might have noticed from the list above, our best global CFD mobile app is Capital.com, although eToro also provides a huge range of CFDs globally too, and has a nice feature which lets you copy other traders.

Bitcoin & Crypto Trading Apps

The meteoric rise of cryptocurrencies in 2020 led to a severely increased interest in the crypto markets. You can trade popular cryptocurrencies like Bitcoin, Ethereum and XRP on several mobile trading platforms all over the world now. There are two main types of crypto trading, one involves actually buying/selling cryptocurrencies (spot trading), and the other involves exchanging contracts based on the price of cryptocurrencies (similar to CFDs) rather than physically owning them – this allows you to use something called leverage which can increase profits, but also losses. We’ve put together a list of our top Bitcoin apps, but to summarise, our favourite mobile crypto exchange platforms are Currency.com for contract trading and Binance for spot trading.

There are other types of trading, including options, mutual funds and ETFs – but there are only so many that we can include in one list, so we kept it to the most popular and beginner-friendly types of trading.

Are Trading Apps Legit?

The majority of trading apps are legit, however, that being said, there are some illegitimate ones floating around. This is one of the main reasons we started this site; to help you find only legit and trusted apps.

Black Diamond Trader Review 2020 Updated

This product review was uptated on April 2020

Introduction

Black Diamond Trader 2 is a very powerful trading system with inputs and outputs for buying and selling on the market that can be traded manually or semi-automatically thanks to Automated Strategy / EA Addon. This system comes with video tutorials, manuals, instructions and many more things.

But the first thing to know about this product is: who can use this system?

Is Black Diamond Trader 2 for anyone?

Black Diamond Trader 2 is for all those people who trades in the market who wants to turn into a successful day trader, position trader, scalper or swing trader. The best thing of all is that thanks to this system whatever financial instrument can be traded (futures, stocks, metals, forex, commodities, E-Minis and Binary Options) in any market (Bear / Down Markets, Bull / Up Markets, Choppy Markets and Sideways Markets)

The good thing about this system is that when a trend is about to start a big red for bearish / down or blue bullish / up point will appear on the chart which would mean that an extremely important and significant movement could start in the market.

Throughout this movement the indicators will display in the chart the best options for trades with a long-entry (LE) or short-entry (SE) point.

What are the three powerful indicators that this system has?

As many people know, there exist a lot of risk factors that can affect the financial market, and that is the reason why Black Diamond Trader 2 has three extremely powerful filters that will help people recognize when the signal being emitted is really good or you should let it pass.

These three powerful filters are the Trend Direction Indicator, the Market Sentiment Indicator and the Trend Strength Indicator.

You do not need to be an expert to know what all these indicators mean and what they are telling people. If the three of them are painted green, then people will know they are in front of a long-running trade, but if the three of them are painted red, then people will know that they are in front of a short-running trade. It’s as simple as that.

Does Black Diamond Trader 2 have “secrets”?

You will be able to know a kind of list with some secrets thanks to this program, which are:

  • People will be able to know the market sentiment and actual trends before place a trade.
  • People will be able to learn how to take vantage of pullbacks without the need for such a trend.
  • People will learn to recognize trends that are gradually weakening so that they can find profit targets to withdraw from the market at a high peak or at a close stop.
  • People will be able to take trades that have great possibilities through the easy but powerful instructions detailed in Black Diamond Trader 2.
  • Individuals may discover trends weaknesses or potentials even before they occur.
  • People can secure their trading capital and profits with stops through super accurate resistance and supportlevels.

Should it be used manually or semi-automatically?

The indicators of this system are simply great because they allow people to visualize the exit and entry points of a trading chart with great precision. But people could get tired of having to watch the market and have to spend a lot of time sitting in front of the computer for fear that they might lose some trade or waiting for the next exit, and it is for these reasons that they would want it there would be some way to automate certain trades in the computer so they can have some spare time and stop stressing themselves. And it is when they think of using the Automator.

The Automator runs certain trades automatically based on system indicators or just send an alert, which can be transmitted by chart, text message or email (which requires a special TradeStation or Metatrader configuration) to the people that are in charge of a trade to do it in a manual way. People should only adjust the parameters in the style of trading that they like to later relax and allow the program to do the rest and to take care of that humdrum process of looking and analyzing the charts until you find the best possibilities for trade.

What people can do with this is to adjust the Black Diamond Trader 2 Automator / EA so that the computer is in charge of optimizing the trade when a profitable trading setup is found. The Automator was not designed simply to aid in a trade, to forget the data and then have to be updated again; it was designed to assist people during and after an effective trade.

People can give the Automator the indication of not send take / loss profit to the server to avoid that the broker knows the exit points of people until the moment in which the trade is transmitted to the market.

At first, the creators of the Black Diamond Trader 2 thought of selling the Automator separately to the program, but they decided that for a better functioning, so that the system is among the best and that people are pleased with it, the Automator should come included in the system as a bonus.

People who buy the product at this time will have the great opportunity to purchase the Automator without the need to pay extra money for it.

What does the package include?

This system is not only about indicators that do things for people, but a complete trading system that comes with both manuals and video tutorials, such as:

  • It comes with video tutorials that will allow people to learn how the indicators are used.
  • It comes with video tutorials that will allow people to learn how to use the system Automator.
  • It comes with video tutorials that will allow people to learn advanced use of the system.
  • In addition, people will be able to:
  • Discover the basics in forex and future trading.
  • Discover why you should be a trading expert to become a very successful trader, besides if the person is using a system.
  • Learn the outs and ins of trading and how people could get good and big profits.

This system is compatible with TradeStation 9 and Metatrader (MT4) but it does not matter much if you do not have a trading platform since people can connect with a brokerage company that can fix all that without the need to have to pay for this.

Points of purchase or sale appear at the beginning and not when a trade closes to give people an earlier trading signal and not when it is too late. In addition, these indicators do not repaint or disappear when the chart is updated.

The good thing about this system is that it works with binary options too since in recent years these have become very popular because of its simple concept to use. When people put a trade on the market, they can sell short or buy long based on if the trade will rise or fall in a given period of time.

This system could be adapted to generate signals of binary option that are based on the selfsame trading setups that are generated with the indicators; in addition, the instructions are included in the package to be able to use this option correctly and effectively.

This Automator does not trade with binary options automatically, but the alerts and signals that are generated by this Automator can be followed in a manual form.

For all those who have worked with binary options systems, they have to know that this system is the only one that can make them money for trading with binary options; they will even be known some reputable brokers with whom they can work.

What you can get with this system is:

  • The complete system plus the Automator with which you can trade in any of the markets as well as with binary options.
  • All indicators that are extremely accurate to mark points of purchase or sale.
  • The complete manual with instructions for use plus detailed videos.
  • Guaranteed access to learn trading as a business plus additional education in trading.
  • Access to the technical support center for this system.
  • The possibility of having professional and personal support at any time.
  • Free updates for life.

Where can I get this product?

You can download Black Diamond Trader 2 from its official website. You can use it for 7 days for just $1, and then you should pay only $67 per month if you continue using it, but the good thing it that you can unsubscribe at whatever time you want to. You have the guarantee that the money will be returned if within 60 days of the product being bought you are not satisfied with it.

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